1. Global MarketingWei-man Lee, Mengxia Lu, Difan Zhang, Cheng-chen Wei,Kawai Chan, Tuna Ugur

2. China Russia North KoreaJapanNorth-East AsiaIt is bound by North Korea to the north, the Yellow Sea to the west aswell as the Korea and Cheju Straits to the south. 3. Population ReligionsLanguage2010 Total populationConfucianism, Shamanism, Chr The Korean language is related(thousand persons): 49,410;istianity, Buddhism andto Japanese and Mongolian ChondokyoMales: 24,758 a large number of ChineseFemale: 24,653cognates exist in KoreanSource: Statistics Korea, 2011 Source: Datamonitor, 2011Source: Datamonitor, 2011 4. Dry & Cold in winters Famous for Winter SportHot & Humid in summersActivities fluctuate for heavy rain 5. WHICH MARKETSTO ENTER External analysis Political factors Economical factorsSocial factorsTechnological factorsEnvironmental factors Legal factorsMARKET ENTRY STP strategySTRATEGIES Entry mode strategyMARKETMarketing mix (the 4 Ps)PROGRAMME Case study Opportunities 6. WHICH MARKETSTO ENTER External analysis Political factors Economical factorsSocial factorsTechnological factorsEnvironmental factors Legal factorsMARKET ENTRY STP strategySTRATEGIES Entry mode strategyMARKETMarketing mix (the 4 Ps)PROGRAMME Case study Opportunities 7. PESTEL analysis of South KoreaA framework of macro-environmental factors used in the environmentalscanning component of strategic management.Political factors Economic factors Social factorsTechnological factorsEnvironmental factors Legal factors 8. Political factorsGovernment Form: RepublicGovernment effectiveness: 86.7 % (2009). Pursuit stability in policy formulation andimplementation.International Relation: Strongly ties to the U.S., China, Japan, and Russia. 9. Political factorsCurrent Strengths Current Challenges Centralization of Power Military influence in South Korean Political will for economic reforms politics Strong foreign relationships Factionalism in the ruling partyFuture ProspectsFuture Risks Strengthening relationships with EU North Korea remains a major threat By-election result indicate increasingdiscontent with the government Source: Datamonitor, 2011 10. Economic factorsStrong economic growth in 2010 after achieving modest growth in 2009. GDPSource: Datamonitor 2011 11. Economic factorsMajor business trade relationSource: Economist Intelligence Unit, 2009 12. Economic factorsSMEs(small manufactures enterprise) in South Korea are financially weak.Foreign investment has been decreasing. Source: Datamonitor 2011 13. Social factorsLow fertility rates and Aging societyRapid Urbanization South Korea19602000 Population in the Seoul5 Million 21 Million Metropolitan Area Percentage 20.8% 46.3% Source: Datamonitor 2011 14. Social factorsHighly-educated workforce.Working Age Population will be 72.9% in 2016.High wages and Rising power of labor unionsLabor market flexibility has been hampered by high costs and the militancy ofthe countrys labor unions. Source: Datamonitor 2011; Korea Statistics, 2011 15. Social factorsCultural DimensionsLive in a hierarchical and collectivistic societyLive in a feminine and long-term oriented societyMost uncertainty-avoiding countrySource: geert-hofstede 16. Social factorsExamples:Zhang and Dodgson(2007) have given an character sketch of the founder of aKorean start-up IT company, Mr. Lee:We found Mr. Lee was influenced by his parents, and sometimes followedtheir advice-even though he knew they were not necessarily right, because hecould not face losing business relations from his personal networks.Source: Hollensen, 2011 17. Technological factorsThe most wired country- communications and internet facilities- in the world.Well known for technological innovation. There are about 900 R&D centers that include foreign participation. The gap between innovation and commercialization is very small.Source: Datamonitor 2011 18. Environmental factorsLimited natural resources, soil erosionStrong governmental intervention to protect environmentEnvironmental technology developmentSource: Datamonitor, 2011 19. Legal factorsStrong government support: Simple foreign investment process. Tax reduction and exemption. Equal treatment with Korean nationsLow investment freedom. (government intervention)Laws and regulations are often framed in general terms and are subject to differinginterpretations by government officials, who rotate frequently.Source: The PRS Group, 2011; Datamonitor, 2011 20. Insights: South Korea is a very attractive market due to: 1) Fast pace of economic growth; 2) Strong government support; 3) Highly educated workforce; 4) Technological capability. However, North Korea issue arouse concerns both politically and economically. Social and cultural pride may lead to Koreans restrict to new brand or foreign brand. Generally, South Korea is a country of moderate investment risk. 21. WHICH MARKETSTO ENTER External analysis Political factors Economical factorsSocial factorsTechnological factorsEnvironmental factors Legal factorsMARKET ENTRY STP strategySTRATEGIES Entry mode strategyMARKETMarketing mix (the 4 Ps)PROGRAMME Case study Opportunities 22. Sensitive to health issues E.g. Health food market A consumer survey conducted in 2005, indicating that 80% of consumers purchased organic products because they concerned about their familys health; 72% concerned about food safety.Source: OECD,2011 23. Decreasing Increasing Increasing Source: OECD,2011 24. STP strategyLonger life expectancyIncreasing life expectancy and falling fertility is driving population ageing.People aged 65+make up 7% of the total population.Younger people purchase moreYoung consumers have become consumer trendsetters in Korea, as theirspending power increases. Source: OECD,2011 25. Market prospect Health food market expandsSource: OECD,2011 26. Entry mode strategy1)Export entry modes; 2) Contractual entry modes; 3) Investment entry modesInvestment entry modeRequires the greatest commitment of management and financial resources.FDI Failure Examples: Planet Hollywood restaurantSource: Hollensen,2011; Min 2005 27. Entry mode strategyJoint ventures/strategic alliances In Korea, economy is dominated by business conglomerate like Samsung. There is a often complex love-hate relationship with foreign brands.Insights: In Korea, business relationships are built upon personal ties and socialintroductions. Language barrier and established business circles makes it extremelydifficult to enter Korean market. Therefore, local representation is essential for thesuccess of foreign firms in the Korean market, especially the support from chaebols.Source: OPA; Hollensen,2011; Min, 2005 28. Entry mode strategyExamples:Source: Samsung, 2011 29. A unique opportunity: the rapidly growing LCD TV market and championsindustry-wide standardization of LCD TV sizes.GoalConstruct a mutually beneficial relationshipAfter joint ventureA stable supply of LCD panelsEfficient production output in supporting the LCD TVbusiness efforts at both companies. Source: Samsung, 2011; BBC News, 2011 30. WHICH MARKETSTO ENTER External analysis Political factors Economical factorsSocial factorsTechnological factorsEnvironmental factors Legal factorsMARKET ENTRY STP strategySTRATEGIES Entry mode strategyMARKETMarketing mix (the 4 Ps)PROGRAMME Case study Opportunities 31. Marketing mix: ProductKoreans value product quality, service and safety, consumers focus more onhealth than before.Strong pride in domestic brands.High requirement of localization. Insights: Marketers have to adopt localization strategy when marketing their products to the demanding Korean consumers in face of their loyalty to Korean local brands. After-sales service is supposed to contribute the same importance compared to product quality itself.Source: OPA; Park, 2004 32. Marketing mix: ProductExamples:McDonalds double-digit growth for 5 yearsCustomized breakfast.Kimchi and bulgogi burgers are offered alongwith a red bean pie.Home delivery Source: Kim, 2011 33. Marketing mix: ProductExamples: Source: Burt Herman, 2006 34. The Korean slice of the Web is relatively smallcompared to the English-language chunks ofcyberspace.NAVER: Knowledge iN, where users postquestions that are answered by other users."Korean netizens like to interact with otherpeople, they want to answer questions, theywant to reply."Source: Burt Herman, 2006 35. Marketing mix: PricingGenerally price sensitive.Quality conscious and brand loyal, less likely to switch to less-expensive products. Insights: A strong brand loyalty is a very important aspect for marketers to consider in order to make more profits. Low price strategy should not be used for luxury brands because it may increase the intrust. Source: Datamonitor,2011; M. Kim et al. 2010 36. Marketing mix: Distribution Korean corporate retailingTraditional channelDepartmentSpecialist FranchisingNon-storeSupermarketStoresStores Chain Stores MerchandisingInternet Home TV CatalogueHome VisitationShopping shoppingOrdering Sales Source: Min, 2004 37. Marketing mix: DistributionKorean distribution channel: Archaic, complicated networkTraditional Distribution Channels: higher brand values.Mass distribution strategy threats luxury brand legitimacy. Insights: When choosing distribution channels, company should consider their positioning strategy and use proper distribution channels. Price sensitive products should not be distributed to Koreans through department stores.Source: M. Kim et al. 2010 Dion&Arnould,2011 Min, 2004 38. Marketing mix: DistributionExamples: LVs distribution channel in South Korea: Specialty stores and department stores. Traditional Distribution Channels: higher brand values. Achieving higher social value, utilitarian value and emotional value. Source: M. Kim et al. 2010 39. Marketing mix: PromotionKoreans as uncertainty-avoidance consumers, prefer utilitarian benefits.Demonstrations, consumer contests, the use of novelties (free gifts), andguaranteeing quality.Using Coupons is viewed as being less affluent in Korea. Insights: Compared to more hedonic benefits, it is more effective to give out utilitarian benefits to attract more Korean consumers. Use free products and promotional sales rather than low price strategy. Source: Kwok& Uncles, 2002; Raymond& Lim, 1996 40. Marketing CommunicationTV and Internet share most of the mediamarket in South Korea.Korean marketer tend to emphasize visualbrand information.Insights: International marketers must pay moreattention to the communicative power of physicalattributes and features( especially virtualcommunities) of brand identity that can translate intogains in IMC. Source: Koreanclick New Survey, 2008; Lee, 2011 41. Marketing CommunicationConformity with family, friends, and neighbors opinions.Word of mouth is the most trusted source for Korean consumers.Respect for authority.Insights: Marketers should develop their promotion strategies throughvirtual, authority-involved-advertisements. Service aspect should be paid moreattention due to the word- of- mouth effect.Source: Taylor et.al, 1993; Raymond & Lim, 1996; Koreanclick New Survey, 2008 42. Marketing CommunicationExamples: Brand placementKorean practitioners connect symbolicassertion and brand familiarization strategiesthat were supported by indirect, mood-creating visual messages to brand placementpractice. Source: Lee, 2011 43. Case studyWal-Mart & Tesco & Costcoin South Korea Think globally, act locally( R. Mead, 1998) 44. Background Sales of food retailers compare with GDP1998200120032005 Sales of big super chain 91.8114.2 170.4 188.4 GDP of Korea 394.7 486.2 662.6 721.4 Sales of big supermarket 20.2% 23.6% 25.7% 26.5% chain /GDP In spite of financial crisis, big supermarkets has been growing constantly, Source: The Bank of Korea, 2006 45. Korea MarketWal-MartTesco Costco1994 Price Club & Shinsegae: Enter Korea1996 liberalization of the food Market saturation in U.S. retail sector by the Korean Forced to develop governmentinternational market Enter Korea1997 Economic crisis Resumed Costco brand name19981999 Samsung needed a Foreign supermarkets foreign partner for discount strategy restructuring(financi consumers start to choose al crisis) foreign discount retailer Samsung & Tesco: over department store Enter Korea2006 Withdrawal from Korea sold 16 stores to Shinsegae for 882millionSource: Choe, 2006 46. Tesco & Costcos performance in Korea Sales Volume ( KRW) Market Share Costco KoreaSamsung TescoCostco Korea Samsung Tesco 10354.35.20%5.20% 5.20% 9718.34.80% 9145 7883.43.50% 5532.4 2.80% 4364.2 1515.2 1845.6 0.80% 0.90% 1250.3 0.50%0.60%0.70% 683.1 808.3 994.30.40%200620072008200920102011 2006 2007 2008200920102011Source: Euromonitor, 2011 47. Traditional markets are still Koreans favorite place to purchase food (others 57%).Costco Lotte 1% 10% E-Mart Hyundai6% DepartmentStore 2%Others Samsung 57% TescoDomestic5%retailers(34 firms)19%Market Share of Food Retailing in Korea Source: Euromonitor 2011 48. Concept of value exchange Highlights the importance of focusing on value determined by customers and tailoring products and service accordingly rather than focusing on the comparison of the previous years figures as well as competitor-based performance.Source: Grant and Schelsinger, 1995 49. Market entry StrategyWal-MartTescoCostco Enter Korean Use Samsungs name to create domestic Price Club&market withoutrecognitionShinsegae=any local partner Hire local managers with only a fewCostco of Koreaoperational experts from UK Implemented its Support English trainingU.S. model Leverage on Samsungs knowledge andexpertise of local market condition Shinbaration culture=eastern (contribution&enjoy) +western culture(rational) Time mileage system: awards those whowork overtimeSource: Choe, S. H., 2006 50. Segmentation Wal-Mart Tesco Costco Middle class Urban consumers Upscale shoppers Lower middle Quality focused Especially small-business class Teenagers ownersSource: Gorton, M. & Sauer, J. & Supatpongkul, P., 2011 51. Marketing strategy: Product Decisions Koreans Attitude Wal-MartTesco & Costco take freshness of food offer bulk-size products for Focus on fresh food and beverage. products very seriously.longer storage. Transform the traditional outdoor market into a convenient indoor Willing to make frequent Assume customers make fewer format in hypermarkets by offering trip to markets to buyfrequent trip to supermarkets live seafood, local delicacies, and on- small volume of fresh like American customers.site packaging services. products. Offers partially processed fresh Uniform merchandizing & products and repackaged into a Prefer small packagingdistribution strategies thatready-to-cook(eat) form. products, given their small limits product choice and Its meat section has sales staff that houses with limited constraint in adapting localcuts and custom packages according storage and freezingtastes and preferences. to customers preference. spaces. A deli- section that sells popular traditional Korean food (Tesco). Costco dont pretend to be Korean but sells lots of new/different products to make shopping interesting. Source: Jungmo, K., 2008 52. Marketing strategy: Promotion & Pricing decisionsKoreansWal-mart Tesco Costcoexpectation Prefer free products Pricing Homeplus Family Worldwide standardizedand promotional System: EDLP Membership card membership Systemsales than every day(Everydaylow price Low Price) Buy one get one Offer discounted pricing freeon smaller quantities Are quality conscious Value=price(such as E-Mart)and brand loyal, andso are less likely to Value=qualityswitch to less-expensive products Source: Jungmo, K., 2008 53. Marketing strategy: Service Koreans Wal-MartTesco Costco expectation Unwilling to Ware house style without Applause mileage Taking care of compromise assistance of sales peoplecard for goodcustomers and customer service who give out free samples service employees. and quality forand help package and wrap Great Stone Face Takes low priceproducts in the store business model: precedence over Expect more Wal-Mart believes thatbalancing rewarding customer service shareholders are best growth(Market shareholder (ex: salespeople served if employers do allValue) and Social Average hourly in each aisle of they can to hold down Contribution(Social wage is $17 an store) costs, including the costs of Value)-The Koreas hour.labor.most admired Average pay of a full-timecompanyworker at Wal-Mart is$10.11 an hour Source: Yoo-Taek Lee, 2010 54. Marketing strategy: Retail Environment House of Parliament in Britain vs. Samsung Tesco in KoreaWell always listen to our customers.Source: Jungmo, K., 2008 55. Marketing strategy: Internal ManagementKoreans expectationWal-MartTesco Location determines where Assume consumers use Strategically upscale itsthey shop vehicles to shop andstore atmosphere: Value Shops mostly in the distance is a less critical Store Touching Store metropolitan areasfactorGreen Store Prefer stores with close Built stores in distant areas First retailer in the worldproximity where land prices were lowwho emphasize store Expect a more tailored retail (had only one in 16 stores in identity->UK House ofenvironment Seoul metropolitan area)Parliament Failed to achieve economiesof scale because of storelocation Source: Renee B. Kim, 2008 56. WHICH MARKETSTO ENTER External analysis Political factors Economical factorsSocial factorsTechnological factorsEnvironmental factors Legal factorsMARKET ENTRY STP strategySTRATEGIES Entry mode strategyMARKETMarketing mix (the 4 Ps)PROGRAMME Case study Opportunities 57. Opportunities Flavored Alcoholic drinks 58. Market prospect Alcohol consumption: South Korea ranked 13th in the world. (WHO, 2011) Market value is expected to keep growing in the next few yearsSource: Euromonitor International,2011WHO, 2011 59. The change of drinking cultureSocialize/ Business meeting/GiftWomens increasing participation in social and economic activities Source: Euromonitor, 2012 60. Flavored alcoholic drinks pattern from strong to light drinkingMore aware of their health.The increasing popularity of luxury brands.Branding and product image have a growing role in the market. Source: Euromonitor, 2012 61. Opportunities Fresh Coffee 62. Market prospectCoffee continued to record strong retail sales growth in 2010. Annual coffee consumption per person in Korea 400 291312 283 300 253248 200 100 020062007 200820092010Source: Korea Statistics, 2011 63. Market prospect Coffee market is expected to grow continuously. Fresh coffee and instant coffee recorded positive sales growth while following health and wellness trends.Source: Euromonitor , 2010; TransWorldNews, 2011 64. Coffee culture in Korea is booming Korean consumer increasingly enjoy the taste of coffee. More customers prefer high- quality coffee. Koreans like to spend a lot of time in coffee shops. Enjoy hanging out to socialize or study using a coffee shop. Coffee is also at the center of soap operas.e.g. 2007 , Popular TV series The 1st Shop of Coffee Princee.g. 2010, Popular TV series Coffee HouseSource: Euromonitor , 2010; Southerton, 2007; Arirang, 2011 65. Fresh Coffee drives the coffee culture and follows the trendCoffee has developed in line with the coffee culture in cafs and specialist coffeeshops.E. g. StarbucksStarbucks as a popular meeting place for KoreansStarbucks as one of the top 3 chained specialist coffee shops in 2010Over 1,392 branches across the country in 2010e.g. Available customers to staye.g. Long opening hourse.g. Provide quality coffee and foodEuromonitor , 2010; Arirang, 2011 66. OpportunitiesLeisure hotel 67. Market prospect The market share of hotel industry in South Korea will increase by 44.3%, 12.7 billion in 2015.Asia- Pacific Hotel industry market shareOthersChina 40% 43%Japan 8%South Korea Taiwan 6% 3%Source: Datamonitor,2011 68. Market prospect Host of 2018 Winter Olympics 69. South Korea has 62 legal holidays, not including weekendsTend to travel in Groups, 56% consumers travel with families.52% people have more than 3 vacations a year.Source: Lee & Sparks,2007 70. Prices sensitiveness and prefer short vacation.Brand recognition, prefer international brand.Leading company in South Korea hotel industryWyndham Worldwide Best WesternAccor Hilton World WideSource: Datamonitor, 2011; Lee & Sparks,2007 71. Conclusion Merit: Economic strength and continues to report high growth. Strong support from Government to encourage foreign investment. World-Class Multinational Companies. Equal treatment with Korean nationals generally. Demerit: Language problem. Management style . Conservative culture. 72. Conclusion Recommendations: Respect Korea culture Cooperate with local companies 73. LimitationsCannot cover all industries.No in-depth analysis in each industries and products specifically.Difficult to access information.Neglect the comparison between neighboring countries such as China and Japan. 74. References Chandon, P., Wansink. B. & Laurent(2000) A Benefit Congruency Framework of Sales Promotion Effectiveness, Journal of Marketing, 64, pp. 65-81. 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